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MassHousing Provides $10M Loan For 50-Unit Cornerstone Homes Development In Hyannis
FINANCED
$10,000,000
Massachusetts
See Similar DealsMultiFamily
Financed 12/09/2025
FINANCED
MassHousing Provides $10M Loan For 50-Unit Cornerstone Homes Development In Hyannis
255 Independence Drive
See Similar DealsMultiFamily
Financed 12/09/2025
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved in this transaction is a multifamily development located at 255 Independence Drive in Hyannis, MA. The total loan amount for the project is $10,000,000, which was provided to assist in the construction of Cornerstone Homes, a development comprising 50 units designated for moderate-income, first-time homebuyers, alongside four rental units.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $10,000,000
- Lender: Chrystal Kornegay - MassHousing
- Development: Cornerstone Homes
- Location: 255 Independence Drive, Hyannis, MA
- Units: 50 units for homebuyers and 4 rental units
Chrystal Kornegay, representing MassHousing, facilitated the financing for Housing Assistance of Cape Cod to support the development aimed at providing homes for moderate-income individuals and families.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$10,000,000.00
Monthly NOI$66,666.67
Monthly Debt Service$63,206.80
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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